The Blackstone Group’s CEO Stephen Schwarzman collected more than $500 million in dividends last year, making him the highest earner in the private equity industry, according to research from Bloomberg. Schwarzman’s payout is a result of Blackstone’s biggest year yet, with its 2014 profit hitting $4.3 billion, according to an earnings report.
In addition to the dividend payout, Schwarzman also typically receives a salary and carried interest, which amounted to $350,000 and $21.6 million respectively in 2013.
The $500 million paycheck represents about 500 times the typical total cash compensation a senior private equity investment professional received in 2014, according to a survey from J.Thelander Consulting and Pitchbook.
The survey defines a senior investment professional as someone who manages a firm and its LP relationships, earns the highest percent of carried interest, has ownership of the management company and typically boasts more than 15 years of experience and an advanced degree. Last year those professionals earned (on average) approximately $1,054,000, not counting yearly bonuses.
Schwarzman’s earnings easily surpass the approximate $369 million collected by last year’s top earner, Apollo Global Management’s Leon Black. This year, Black’s payout fell approximately 27 percent to $268 million, according to Bloomberg.